Six things that every MOPed/post-SSD seller should avoid when they are selling their home and purchasing The Reserve Residences
Are you completing your Minimum Occupation period (MOP) in your HDB/EC flat or have your private property exceeded the Seller’s Stamp Duty (SSD), window for 3 years?
Selling a home can be stressful and exhausting, especially if it remains on the market for longer than expected.
The good news about your property is that it is relatively new, at least in terms how long you have lived there. Here are some things to avoid in order to get the best price for your home and take the next step in your property journey.
1. Undervaluing or overvaluing your home
A successful sale requires you to set the right price. This is not something you can do based on your gut feelings about the value of your home.
It is important to consider the market type you are in, as well as the transaction prices for comparable properties in your area. Then, set your price accordingly.
Our Property Valuation Tool is a useful tool that we recommend. It allows you to estimate the property value of your house. To get started, simply enter your address or postcode.
To view the most recent transactions in your local area, you can also use HDB_ and URA_’s property transaction search engines.
Overvaluing your home in a weak market is a death sentence for the possibility of selling it. It’s not a good idea to match the prices of neighboring homes. This could result in a loss. It might be a good idea to wait for the market to improve before you sell.
In a hot market, like the one we are currently experiencing, people will pay more for a house. It may be a good idea to sell your house.
2. Expect to sell at the asking price
Let’s face facts. This is Singapore and we have a strong haggling gene. Despite spending hours preparing a precise, well-reasoned asking cost, buyers will likely be open to negotiating a lower price.
You need to be ready to negotiate. You should ensure that your price list is not too high to scare potential buyers, but still leaves enough room for negotiation.
3. Staging your home is not a good idea
The biggest mistake sellers make when selling their homes is not dressing it up for success. You must present your home as if it were a first date.
You must clean up your home prior to a visitor. Additionally, you should dispose of any clutter or put it in storage. This includes your bobblehead collection, and the adorablely framed photo of your nephew’s best friend.
Your home will appear more spacious if it is less cluttered. Make sure to get rid of any unnecessary or personal items.
It’s a bonus if you can store them outside your house, rather than stuffing them in your closets. This will make your cabinets appear smaller and may turn off potential buyers.
Staging your house means giving the buyer a fresh start. Your buyer might not like 70s bohemian chic. Keep your home neutral so that the buyer can envision what they want.
4. Do not make repairs before you show your home
Before you allow anyone to view your home, make sure they have done any repairs . Although it might not be a major problem, a damaged or missing floor tile or cupboard could make a potential buyer turn away from your home.
It is a bad idea to hide the defect. It may be convenient for you to hide the defect, but if it is discovered, it can cause distrust between you and your buyer. They might wonder what else is wrong with their house.
5. Hire an agent instead
We get it. Hiring an agent means taking a cut of your sales, which is something that nobody wants.
You should remember that a home sale may take up to six months. During this time, potential buyers will have questions, viewings can be arranged, and paperwork must be completed once the deal has been closed.
Selling a home is similar to working part-time. If your schedule doesn’t allow for this, consider hiring an agent. You might lose out on potential offers if you fail to communicate with potential buyers or are unavailable at the right time.
Another benefit to using an agent is that they can handle the awkwardness of your negotiations for you.
6. The power of listing photos cannot be underestimated
Selling your home is like Tinder. If you want potential buyers to swipe right on your listing, then you need a great profile photo.
Pictures of your home will help potential buyers form a first impression. If you have good photos (and videos like 99.co’s Smart Videos), of your house, it can help to bring more potential buyers in, increasing your chances of getting an offer.
Don’t forget about cleaning up your home and clearing out clutter before you take your photos. You should also try to capture them when the light is the best.